BRICS: Union of Reformers and National Interests

... mutual settlements was supported by the BRIC countries at its first summit in Yekaterinburg back in 2009. However, abandoning the U.S. dollar in mutual settlements is not an easy task. Currently, the transition to payments in national currencies between BRICS countries is poorly implemented. The BRICS Bank intends to carry out operations in U.S. dollars. Right now, payments in national currencies only apply to bilateral trade in energy products between Russia and China. At the same time, however, the sanctions levied against Russia have accelerated the process of developing such mechanisms within the BRICS framework. The Trade-Off between Uniting Interests and Existing Differences picture alliance / Klaus Ohlenschläger ...